There seems to be absolutely no shortage of world-class startups coming out of the millennial generation. The number of “unicorn” companies — companies that are valued at $1 billion or more — are disproportionately the result of the kind of innovative, entrepreneurial approach that makes millennial franchise investors stand out.
What’s really fascinating is that this entrepreneurial flair seems to have caught on with nearly the entire millennial generation since, according to a recent Deloitte business poll, 70 percent of millennials were considering leaving traditional 9 to 5 work in favor of a more independent career track.
This all begs the question — is the franchise model the ideal middle ground between the security-oriented 9 to 5 business model and a more independent, entrepreneurial approach for millennial franchise investors?
It really does seem that franchising furnishes millennials with the happiest medium between working one’s way through an organization from the bottom up and striking out completely on one’s own.
Franchising also allows millennials to overcome many of the hurdles of going it alone in that, as opposed to evolving a startup from scratch, franchising gives millennials the independence they crave as well as the startup financing and marketing assistance to make those dreams a reality.
The franchise model gives millennials the feeling of being their own boss, calling the shots and achieving a covetable level of independence.
That’s partly attributable to the fact that buying into a franchise opportunity gives young millennial investors the benefits of established name recognition, a turnkey investment opportunity designed to lower startup barriers and ongoing help in the form of marketing, training and technical assistance.
The franchise model also helps millennials overcome one of the biggest hurdles that entrepreneurs coming out of the millennial generation will face — access to startup capital and onerous initial expenses.
By franchising, millennial investors can work with franchisors to achieve financing assistance and automatically benefit from the group purchasing clout of a franchise.
Another problem that the franchising model helps to overcome for millennials is a lack of peer support. Franchising puts millennial franchise investors in touch with one another as well as a vast network of potential mentors who were in a similar position not too long ago.
Millennials can also tap into industry best practices so that they’re primed for satisfying returns right out of the gate.
With the benefit of initial training, ongoing support, easier access to startup capital, peer networks and a feed into industry best practices, the franchise model might well be the defining answer for millennials.
When millennials in the workplace are polled and asked what’s really important to them, the results actually tend to line up with what the franchise model provides franchisees.
More than 70 percent of millennials reported wanting to be their own boss, while those polled also said that if they had to have a boss, they would want a boss to function more as a mentor than taskmaster.
That’s great news because franchisors pride themselves on providing mentorship and guidance. Millennials also reported wanting more flexible work schedules — and the franchise model provides them with more flexibility and the chances of striking a more satisfying work/life balance as well.
Maybe the most telling stat is that 88 percent of millennials actively crave a more collaborative work culture. Collaboration is what franchising is all about, since franchisees need to work closely with their own staff, vendors, franchisors and other franchisees, as well as the mentors they meet along their personal franchising journey.
Are you interested in learning more about franchise investments ripe for the picking? Then contact us at Pretzelmaker to learn more!